Revenue Commissioner Alan LeBovidge today announced that revised revenue collections for July were $1.066 billion, or $18 million more than announced on August 1.
The new total includes an increase of $24 million in withholding tax collections. The additional withholding taxes were received at the end of the month, but the Department of Revenue was not notified of the collections until the after the preliminary numbers were compiled.
The preliminary July revenue report also was revised because convention center revenues were taken off budget in fiscal 2004. DOR will be reducing total reported budgetary revenues by approximately $5.7 million from the amount reported on August 1. That was the amount of convention center revenues received in July. The July benchmark also was reduced by this amount to account for the shift.
The changes to the revised report mean that July's collections were $54 million, or 5.3 percent, more than last July. Revenues for the first month of fiscal '04 were $39 million above the revised benchmark of $1.027 billion.
"We always call our monthly report of tax collections preliminary,'' LeBovidge said. "The final numbers for each month always vary slightly. This month is unusual in that $24 million in withholding went unreported until after we put out the preliminary collections summary."
Income tax collections for July totaled $577 million, an increase of $39 million or 7.3 percent over last July. Withholding tax collections totaled $553 million, an increase of $38 million or 7.5 percent. Sales and use tax collections were $335 million, up $1 million or 0.2 percent. Corporate and business tax collections totaled $28 million, an increase of $7 million or 36.3 percent.
<strong>Monthly Revenue Report</strong> (PDF) (through July 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.